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Fortress Investment Group made a GAAP net loss of USD190m for the quarter ended 30 September 2009.
The GAAP net loss attributable to class A shareholders was USD59m, or USD0.43 per diluted share, as compared to a loss of USD0.66 per diluted share for the quarter ended 30 September 2008.
Excluding principals agreement compensation, third quarter GAAP net income was USD50m.
For the third quarter, fund management distributable earnings were USD51m compared to USD63m in the third quarter of 2008.
Pre-tax DE for the third quarter was USD57m, or USD0.11 per dividend paying share/unit, versus a loss of USD20m for
The Blackstone Group made a GAAP net loss of USD176m for the third quarter of 2009, compared to a GAAP net loss of USD340m for the third quarter of 2008.
Total segment revenues were USD603.8m, up USD200.2m from USD403.6m for the second quarter of 2009 and up USD833.0m from USD(229.2)m for the third quarter of 2008.
The year-over-year change was driven by net appreciation of the underlying portfolio investments in the corporate private equity and credit and marketable alternatives segments, as well as stabilization in the fair value of the real estate segment’s underlying portfolio investments.
These increases were partially
The Chartered Alternative Investment Analyst Association, an independent, not-for-profit international organisation, has launched CAIA Hong Kong, its tenth global chapter.
“Hong Kong, one of the world’s premier financial centres, is home to a very active, engaged and growing segment of our global membership,” says Craig Asche, executive director of the CAIA Association. “Over the past three years, the Hong Kong membership has increased dramatically and through their initiative has developed a dynamic local network, highlighted by several exceptionally well-orchestrated and oversubscribed educational and social events. It is therefore with great pleasure and pride that we welcome Hong Kong into our
NorthStar Equity Investors, a venture capital firm that specialises in creating and building early stage technology based businesses in the North East of England, has led a GBP850,000 investment round in The WorkCast Corporation.
The investment round was made to support the development of WorkCast’s webcasting technology and to boost sales and marketing.
Running on WorkCast’s webcasting platform, Webcast Manager allows users to create, edit and distribute business webcasts from one solution. Customers can produce webcasts and webinars by recording a variety of elements such as web meetings, PowerPoint presentations, webcams and video conferences. The entire recording, including audio,
EMEA mid-market M&A activity was valued at USD12.2bn in October, down 12 per cent from September’s USD13.9bn and down 34.9 per cent from October 2008’s USD18.7bn, according to research by Thomson Reuters.
The year on year average rank value to Ebitda has decreased by 16 per cent on average with only the real estate and materials sectors increasing.
JP Morgan top the European mid-market M&A rankings YTD, up from third position for same period 2008
EMEA mid-market M&A from January to the end of October is down 49.6 per cent compared to same period last year, to USD110.2bn from USD218.8bn.
Arendt & Medernach, the largest law firm in Luxembourg, has opened a new office in Hong Kong following similar expansions in Brussels, New York, London and Dubai.
The opening of the office will enable the firm to better serve its clients and law firms with which it works closely in Asia, as well as follow its Luxembourg clients who have operations in the region.
As a representative office, the Hong Kong office will not practice under Hong Kong law, for which the firm will continue to collaborate closely with those local law firms.
The services offered by the new Hong
IMS Health, a provider of market intelligence to the pharmaceutical and healthcare industries, has entered into a definitive agreement to be acquired by investment funds managed by TPG Capital and the CPP Investment Board.
The transaction has a total value of USD5.2bn, including the assumption of debt.
The agreement was unanimously approved by the IMS board of directors based upon the recommendation of the transaction committee that was established to undertake a review of IMS’s strategic alternatives.
Under the agreement, IMS shareholders will receive USD22.00 cash for each share of IMS common stock they own, representing a premium of approximately
The Emerging Markets Private Equity Association has appointed Sev Vettivetpillai, chief executive of Aureos Advisers, to its board of directors.
Aureos is a private equity fund management company specialising in investing in small to mid-cap businesses in Asia, Africa and Latin America.
EMPEA is a global member-based association established to promote a greater understanding of and a more favourable climate for investing in emerging markets. It was founded with the belief that private equity can be a critical driver of economic growth in emerging markets while simultaneously generating strong returns for investors.
Vettivetpillai (pictured) will become the first
Albion Ventures, a UK venture capital investor, predicts that the venture capital trust market could double in size this tax year to GBP250m-GBP300m from GBP150m in the tax year 2008/2009.
Albion believes that VCTs have become more attractive due to a combination of factors.
VCTs, with 30 per cent income tax relief, tax free income and no capital gains on disposal, have become more attractive for higher rate tax payers following reduced tax reliefs on pensions and prospective rises in income tax.
Many banks are still reluctant to lend to smaller business meaning investors like Albion that do not use
Lime Rock, a private equity firm focusing on the global energy sector, has closed Lime Rock Resources II with USD410m in total capital commitments.
Like the first Lime Rock Resources fund, Lime Rock Resources II will seek to acquire, directly operate, and improve lower-risk oil and gas properties in the US.
Together with the Lime Rock Partners funds, which invest growth capital in energy companies worldwide, Lime Rock now manages private equity funds with USD3.9bn in total capital commitments.
Thirty five institutional investors, including endowments, foundations and pension funds, made capital commitments to Lime Rock Resources II. Sixty eight per
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